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Business Statistics Chapters 1-4 Exam Study Guide

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Business Statistics Chapters 1-4 Exam Study Guide Mean A measure of central location computed by summing the data values and dividing by the number of observations. Median A measure of central location provided by the value in the middle when the data are arranged in ascending order. M...

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  • June 5, 2024
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Business Statistics Chapters 1-4 Exam Study
Guide
Mean
A measure of central location computed by summing the data values and dividing by the number of
observations.


Median
A measure of central location provided by the value in the middle when the data are arranged in
ascending order.


Mode
A measure of location, defined as the value that occurs with greatest frequency.


frequency distribution
A tabular summary of data showing the number (frequency) of observations in each of several
nonoverlapping categories or classes.


relative frequency distribution
A tabular summary of data showing the fraction or proportion of observations in each of several
nonoverlapping categories or classes.


percent frequency distribution
A tabular summary of data showing the percentage of observations in each of several nonoverlapping
classes.


cumulative frequency distribution
A tabular summary of quantitative data showing the number of data values that are less than or equal
to the upper class limit of each class.


average
mean


weighted average/mean
The mean obtained by assigning each observation a weight that reflects its importance.


geometric mean
A measure of location that is calculated by finding the nth root of the product of n values.


Growth Factor
the factor by which a quantity multiplies itself over time. adding 1


Variance
A measure of variability based on the squared deviations of the data values about the mean.

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